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Philly Real Estate Showing Signs of Recovery from 2007 Bubble Burst.

In a recent report by Kevin Gillen, a research fellow at the University of Pennsylvania and Econsult vice president, Mr. Gillen noted a 7.6% increase in Philadelphia house prices last quarter. Gillen stated that real estate in Philadelphia is showing the biggest price gains since the 2007 Bubble burst. Prices have regained nearly a third of their lost value with this latest recovery.

Mr, Gillen’s report shows the following neighborhood-by-neighborhood performance: University City (-0.1 percent), Northwest Philadelphia (0 percent), Upper Northeast Philadelphia (+1.6 percent), Lower Northeast Philadelphia (+5.7 percent), Center City/Fairmount (+6.5 percent), Kensington/Frankford (+12.1 percent), South Philadelphia (+12.4 percent), North Philadelphia (+14.6 percent) and West Philadelphia (+14.7 percent).

In addition Econsult reportered that 20 homes had sold for more than $1 million dollars, up from seven properties in the previous quarter. To read the full report Click Here

 

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